Soooo, my question is: What are some ideas for verbiage that should I put in the lease covering ourselves when one of two (or a group) of tenants moves out?

So, the motto is cover yourself first and worry about your client and customer second.

I have had better success with Section 8 tenants where Section 8 covers only a portion of their rent. 

So I sold, kept the deposit, documented it to the tenant, then counted the deposit as regular rent income for taxes.If I had sold mid-April, i would have kept the portion of the deposit to cover the rent and then gave the balance to the Buyer.

As in either improve the note in a way that the borrower pays a lump sum up front that covers most of my original investment or if that doesn't work with the borrowers situation, just sell it for a higher value once it is reperforming. 

I'm sure your rents would still cover the mortgage, even through a rough patch...

Fortunately, I don't work full-time because I receive veteran education benefits that cover the basic costs of living.

The rent would cover the second mortgage, taxes and insurance on the rental property along with the other expenses. 

Because SFHs here literally rent for $1200 a month, and it's typically just covering the PITI.

I'm looking to flip a property, and I want to get insurance (to cover the house if there is any major damage, but also in case a contractor or anyone else gets hurt at the property).